Share this post

I got werk'd on the ER this morning, I guess I stopped and reversed too many times and ended up down 4 points ! There were some nice trades but it was so fast out there this morning.....back to the drawing board I guess...

Share this post

Don't get discouraged. This was a very tight morning. If you can practice trading on these tight consolidation mornings (where its easy to get in trouble) you'll eventually be able to make money even on the hard days.

There were a lot of trades this morning and several losers. However, there was the potential to make about 15 ticks this morning net (before lunch). Can you see where?

Edward

Eudaimonia (pron.: you-die-moan-e-a) (Greek: εὐδαιμονία) is a classical Greek word commonly translated as 'happiness'. The less subjective "human flourishing" is often preferred as a translation.

Share this post

Yea, looking at the chart even 5 mins after my debacle this morning I could see how some pros probably made some nice loot. I think I had my stops too wide and also executed poorly during the whip of the back and forth. I am going to focus on .70 max stops and look to eek out the .50 gains unless I see clearly that mutliple tests of an area have failed but now are broken on a trade I am in thus ride the move longer. I know that it will take time to get the hang of this so should probably limit myself to a max 2.1 loss (3 trades at .70) per day for right now.

I would imagine that this is viewed as a more difficult day and not more than 3 - 6 days like this a month ?

Thanks again for the response

Have a nice weekend !
Ray

PS: IMHO, looking at the results from today if one took all the setups without any discretion and used +.50 gain and -.70 stops (also taking into consideration the dots for support and resistance) I would say it would have given one net -2.20 points. Course there will always have to be discretion and knowing when to take a trade and when to sit out so that is why you pulled out +1.50 and not -2.20

Share this post

Another thing to keep in mind is that losing trades usually go nowhere for awhile. Don't wait. A good indicator is your 1 minute candles. For your long trades are the 1 min candles making new highs and higher lows (opposite on a short trade)? If not get out. Also the best trades happen in under 3 minutes - if it's been longer than that you need to get out. Don't sit around and let your 7 tick stop get hit. You can always get back in (and I usually will if price comes back to the entry). Remember, if it isn't going your way it's going to go the other way. Try to get out for a scratch or a small loss. This can improve your win/loss ratio tremendously IMHO.

Edward

P.S. I'd say days like this happen about once per week. Sometimes twice although that's rare. It is a good idea to get familiar with the early activity on these days - low volume and little directional interest. I can usually get a very good feel for what is going to happen that day in the first 15 minutes. This can really help you better assess the day.